Supermarket Profits in 2023.
From the reports in the news, Woolworths have reported $1.62bn in profits, while Coles reported $1.1bn, for the last year.
Woolworths net profit increased 4.6% to $1.62bn for the full financial year, while overall sales hit $64.29bn.
That’s 2.5 cents in profits for every dollar in sales.
On every sale value of $100, Woolworths could reduce it to $97.50 for us, and make no profit. At no profit they may as well close down, and lay off all staff.
Coles, meanwhile, reported a net profit of $1.1bn and generated $36.75bn in revenue from its groceries business in 2022-23.
This gives 3.0 cents in profits for every dollar in sales.
On every sale value of $100, Coles could reduce it to $97.00 for us, and make no profit. At no profit they may as well close down, and lay off all staff.
Are these profits, 2.5% and 3.0%, large or small?